Cost Climbs To $54B For Chevron's Australia LNG Project

Law360, New York (December 12, 2013, 1:33 PM EST) -- Chevron Corp. said Thursday that it has raised the estimated cost of its massive Gorgon liquefied natural gas project in Australia to $54 billion, a $2 billion increase from December 2012, when the energy giant last raised its cost projections for the project.

The massive LNG project on Barrow Island off the coast of Western Australia has been under construction since 2009, when it was initially budgeted at $43 billion, and is almost 75 percent complete, Chevron said. Plant startup and the first gas shipments are planned...
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